Category: 3. Business

“Already last year, the delays in the European aviation network were the worst in 25 years, and the situation this year is likely to deteriorate further,” Transport Commissioner Apostolos Tzitzikostas wrote in a letter to transport ministers in April, seen by POLITICO.

“Last year, Europe saw 35,000 flights on a busy summer day, this year we expect to reach 38,000,” Tzitzikostas added.

“High demand puts considerable pressure on Air Navigation Service Providers (ANSPs), some of whom continue to struggle with staff and capacity shortages,” the commissioner acknowledged, calling on governments to start “hiring and training additional controllers where needed.”

Calling for more controllers

But the problem cannot be solved quickly because training new air traffic controllers takes at least three years. On top of that, professional certification to manage air traffic is limited to a specific area of Europe’s fragmented airspace, which is managed by 40 different ANSPs.

CAE, a Canadian company that specializes in training services, recently forecast that Europe will need the most air traffic controllers of any region over the next decade — 27,000 out of 71,000 globally.

Meanwhile, airlines are going ballistic.

ISLAMABAD:

The Oil Companies Advisory Council (OCAC) has cautioned the Special Investment Facilitation Council (SIFC) that the climate support and petroleum levies on furnace oil have become effective from July 1, 2025, which will raise its price by over 80%, making many industries, shipping services and independent power producers (IPPs) unviable.

In a letter sent to SIFC, OCAC Chairman Adil Khattak said that the advisory council and its member companies had expressed deep concern and protested over the imposition of petroleum levy of Rs82,077 per metric ton on furnace oil through the Finance Act 2025. “This levy, in addition to the Climate Support Levy of Rs2,665 per metric ton, poses a serious threat to the overall business environment,” he said.

“While we acknowledge and appreciate the support extended by the Special Investment Facilitation Council in securing an interim relief from the government – through the recovery of inadmissible general sales tax (GST) on petroleum products via the inland freight equalisation margin (IFEM), this remains a temporary measure with limited scope,” he said and demanded a sustainable solution by restoring the taxable status of currently exempt petroleum products, ie, motor spirit (petrol), high-speed diesel (HSD), kerosene oil and light diesel oil (LDO).

He called SIFC’s continued support pivotal until full and permanent resolution of the matter. Khattak stated that the abrupt imposition of levies on furnace oil without prior consultation with the industry reflects a complete disconnect from the economic and operational challenges being faced by the sector.

Furnace oil is a deregulated product and its pricing is governed by market forces. It is mainly used to meet energy needs of the domestic industry. “The imposition of such a substantial fiscal burden will have widespread and adverse financial repercussions across multiple business sectors, threatening their viability and long-term sustainability,” he remarked.

OCAC said that the new levies would increase furnace oil prices by approximately 80%, making its use economically unviable for key industries such as cement, shipping, textile, glass, tyre manufacturing, large-scale industrial units, foundries and other sectors reliant on boilers and furnaces (commonly referred to as general trade).

This drastic price increase would eliminate domestic furnace oil demand and cause a sharp decline in industrial activity, potentially resulting in partial or complete operational shutdowns, especially where no viable fuel alternatives exist, it warned.

In the letter, OCAC underscored that this measure was in direct contradiction to the government’s stated commitment to promoting domestic manufacturing. Rather than enhancing revenues, it is likely to significantly reduce or eliminate furnace oil sales within the country, thereby slashing associated sales tax revenues and undermining industrial competitiveness.

“It will also defeat the objective of collecting the envisaged revenue through the imposition of petroleum and climate support levies.”

In the absence of domestic demand, the advisory council said, local refineries would be forced to export furnace oil at a considerable financial loss. This will further strain the financial condition of Pakistan’s refining sector and compromise its sustainability.

It pointed out that the government had recently renegotiated tariffs with furnace oil-based IPPs but the new levies would substantially increase fuel costs, pushing those plants lower on the merit order and rendering them inactive.

“This will nullify the gains from recent renegotiations while still obligating the government to make capacity payments, effectively increasing the burden on national finances.”

In light of the above, OCAC urged SIFC to intervene and recommend the withdrawal of petroleum and climate support levies on furnace oil. It believes this will help restore policy consistency, support critical sectors of the economy and uphold the principles of fair and sustainable economic development.

“We remain committed to engaging in constructive dialogue and are available for an urgent meeting to further discuss this matter in the national interest,” the OCAC chairman added.

US President Donald Trump has called for the chair of the Federal Reserve to quit “immediately”, in an escalation of his attacks on Jerome Powell.

“‘Too Late’ should resign immediately!!!”, Trump said in a post on his Truth Social platform.

He also included a link to a news article about a US federal housing regulator calling for Mr Powell to be investigated over his testimony about renovations to the central bank’s Washington headquarters.

Trump nominated Mr Powell to be the Fed chair during his his first term. Since then, he has repeatedly criticised him for not cutting interest rates but it’s unclear whether the president has the authority to remove him from the post.

Despite the president’s continued criticism of Mr Powell, he said earlier this year that had “no intention of firing him”.

Trump wants the Federal Reserve to lower interest rates to help boost economic growth.

Mr Powell said on Tuesday that the Fed would have cut rates already had it not been for the impact of the Trump’s tariff policies.

When asked during a meeting of central bankers in Portugal whether US rates would have been cut this again this year if the administration had not announced its plan to sharply increase tariffs on countries around the world Mr Powell responded, “I think that’s right.”

The US Federal Reserve declined to comment about Trump’s remarks when contacted by the BBC.

Ahead of Trump’s return to the White House at the start of this year, Mr Powell said he would not step down if the president asked him to and that it is “not permitted under law” for the White House to force him out.

Board members of independent federal agencies like the Federal Reserve can only be forced out before their terms expire “for cause,” according to a landmark US Supreme Court ruling in 1935.

However, Trump has often challenged political norms, including firing some independent regulators, actions that have been contested in court.

On Wednesday, Federal Housing Finance Agency director Bill Pulte, who has previously strongly criticised Mr Powell, called for him to be investigated.

“I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed ‘for cause,'” he posted on X.

Last week, Mr Powell told the Senate that reports about soaring costs and expensive features at the Fed’s headquarters were “misleading and inaccurate in many, many respects.”

Japan’s auction of 30-year sovereign notes Thursday is shaping up as a barometer of policymakers’ success in quelling debt-market turmoil that pushed yields on the nation’s super-long bonds to record highs in May.

Yields have stepped down from their peaks, helped by the Ministry of Finance adjusting issuance to sell fewer super-long bonds, and by the Bank of Japan slowing its pullback from debt purchases. Recent sales of shorter-maturity securities have also gone smoothly.

• ZEGFROVY is the only approved targeted oral treatment for NSCLC with EGFR exon20ins
• Approval follows the U.S. FDA’s Priority Review and is supported by the pivotal WU-KONG1 Part B study, in which ZEGFROVY demonstrated statistically significant and clinically meaningful benefits to patients

SHANGHAI, July 2, 2025 /PRNewswire/ — Dizal (SSE:688192), a biopharmaceutical company committed to developing novel medicines for the treatment of cancer and immunological diseases, announced today that the U.S. Food and Drug Administration (FDA) has approved ZEGFROVY^® (sunvozertinib) for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations (exon20ins), as detected by an FDA-approved test, whose disease has progressed on or after platinum-based chemotherapy.

ZEGFROVY, which has received Priority Review and Breakthrough Therapy Designation from the FDA, is the only approved targeted oral treatment for NSCLC with EGFR exon20ins. This indication is approved under Accelerated Approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

“We are proud to have developed ZEGFROVY, a first-in-class oral therapy that offers a more effective treatment option with enhanced safety and ease of administration for NSCLC patients with EGFR exon20ins,” said Dr. Xiaolin Zhang, CEO of Dizal. “The accelerated approval of ZEGFROVY marks a significant milestone that underscores our commitment to developing groundbreaking new medicines for patients with high unmet medical needs around the world.”

ZEGFROVY is an oral, irreversible EGFR inhibitor with uniquely designed molecular structure targeting a wide spectrum of EGFR mutations with wild-type EGFR selectivity. In August 2023, ZEGFROVY received accelerated approval in China. Today’s FDA approval follows Breakthrough Therapy Designation and Priority Review granted by both the U.S. FDA and the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA).

The FDA approval is supported by data from the multinational pivotal study WU-KONG1 Part B (WU-KONG1B), aiming to investigate the efficacy and safety of ZEGFROVY in relapsed or refractory NSCLC with EGFR exon20ins. The study results were featured as an oral presentation at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting and were recently published in the Journal of Clinical Oncology.

“As the world’s only approved targeted oral therapy for EGFR exon20ins NSCLC, ZEGFROVY has expanded the treatment paradigm in this therapeutic area that has long lacked convenient and effective treatment options,” said Pasi A. Jänne, MD, PhD, Dana-Farber Cancer Institute of Harvard Medical School and lead principal investigator of WU-KONG1B. “Research findings from WU-KONG1B have demonstrated ZEGFROVY’s significant therapeutic effects with consistent efficacy across both Asian and non-Asian patient populations. Its convenient once-daily oral dosing substantially improves administration convenience and patient adherence, which is an increasingly critical factor as lung cancer care shifts toward chronic disease management. The U.S. approval of ZEGFROVY^® marks a landmark in scientific advancement and represents a meaningful milestone in addressing the long-standing unmet medical needs of this underserved patient population.”

“ZEGFROVY has demonstrated breakthrough therapeutic value in the treatment of EGFR exon20ins NSCLC, as shown in a rigorous multinational clinical trial. Its potent antitumor activity, manageable safety profile, and convenient oral administration position it as an optimal treatment option in clinical practice,” said Prof. James Chih-Hsin Yang, MD, PhD, National Taiwan University Cancer Center Hospital and the Co-lead principal investigator of WU-KONG1B. “The approval of ZEGFROVY in major global markets not only offers new hope for patients, but also reinforces our commitment to patient-centered research and the continued advancement of precision medicine in lung cancer.”

“In NSCLC, EGFR exon20ins represent the third most common type of EGFR mutation. EGFR exon20ins are particularly challenging to treat due to their unique spatial conformation, diverse mutation subtypes, and high heterogeneity. As a result, patients face a poor prognosis and limited treatment options,” said Prof. Mengzhao Wang, MD, PhD, lead principal investigator of the China-based pivotal study WU-KONG6 of ZEGFROVY and principal investigator of WU-KONG1B at Peking Union Medical College Hospital, “The results of the WU-KONG6 study demonstrated ZEGFROVY’s clinical benefit superior to current options and lead to the drug’s approval in China. The U.S. approval of ZEGFROVY will enable more patients around the world to benefit from this drug.”

The FDA simultaneously approved Thermo Fisher Scientific’s Oncomine™ Dx Express Test as a next-generation sequencing (NGS) companion diagnostic (CDx) for ZEGFROVY to identify NSCLC patients with EGFR Exon20 insertions. NGS testing is recognized as a critical technology in cancer genomic profiling, facilitating the rapid and precise detection of DNA mutations in tumor cells.  Combined with the Ion Torrent™ Genexus™ Dx System, the test delivers NGS results in as little as 24 hours to help inform more timely treatment decisions in patients with EGFR exon20ins NSCLC.

Additionally, Dizal has completed enrollment for its multinational phase III pivotal WU-KONG28 study, evaluating ZEGFROVY versus platinum-based doublet chemotherapies in treatment naïve NSCLC patients with EGFR exon20ins across 16 countries and regions. At the 2023 European Society for Medical Oncology (ESMO) Annual Meeting, Dizal reported that ZEGFROVY, as a single oral agent, achieved a confirmed objective response rate (ORR) of 78.6% and a median progression-free survival (mPFS) of 12.4 months in the first-line setting. With its potent antitumor activity and favorable safety profile, ZEGFROVY demonstrated strong potential as an optimal first-line treatment for patients with EGFR exon20ins NSCLC.

About ZEGFROVY^® (sunvozertinib) 

ZEGFROVY is an irreversible EGFR inhibitor discovered by Dizal scientists targeting a wide spectrum of EGFR mutations with wild-type EGFR selectivity. ZEGFROVY is approved in the U.S. and China for the treatment the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations (exon20ins), whose disease has progressed on or after platinum-based chemotherapy. The China approval is based on the results of the pivotal WU-KONG6 study in platinum-based chemotherapy pretreated NSCLC with EGFR exon20ins. The U.S. approval is supported by WU-KONG1 Part B, a multinational pivotal study investigating the efficacy and safety of ZEGFROVY in the same indication.

In addition, ZEGFROVY also demonstrated encouraging anti-tumor activity in NSCLC patients with EGFR sensitizing, T790M, and uncommon mutations (such as G719X, L861Q, etc.), as well as HER2 exon20ins. 

ZEGFROVY showed a well-tolerated and manageable safety profile in the clinic. The most common drug-related TEAEs (treatment-emergent adverse event) were Grade 1/2 in nature and clinically manageable.

WU-KONG28, a phase III, multinational, randomized study assessing ZEGFROVY as a first-line treatment for patients with EGFR exon20ins NSCLC, has completed enrollment across 16 countries and regions.

Pre-clinical and clinical results of ZEGFROVY were published in peer-reviewed journals Cancer Discovery, The Lancet Respiratory Medicine and Journal of Clinical Oncology.

About Dizal

Dizal is a biopharmaceutical company, dedicated to the discovery, development and commercialization of differentiated therapeutics for the treatment of cancer and immunological diseases. The company aims to develop first-in-class and groundbreaking new medicines, and further address unmet medical needs worldwide. Deep-rooted in translational science and molecular design, it has established an internationally competitive portfolio with multiple assets in global pivotal studies and two leading assets: ZEGFROVY, approved in both the U.S. and China, and golidocitinib, approved in China. To learn more about Dizal, please visit www.dizalpharma.com, or follow us on Linkedin or Twitter.

Forward-Looking Statements

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, and “intend” and similar expressions, as they relate to Dizal, are intended to identify certain forward-looking statements. Dizal does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections, and understandings of the management of Dizal with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties, and other factors, some of which are beyond Dizal’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Dizal’s competitive environment, and political, economic, legal, and social conditions.

Dizal, the Directors, and the employees of Dizal assume (a) no obligation to correct or update the forward-looking statements contained on this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turnout to be incorrect.

Contacts

Investor Relations: [email protected]
Business Development: [email protected]
Media Contact: [email protected] 

SOURCE Dizal Pharmaceutical

Some countries have increased coal use not just because coal is “cheap” (“Why the world is not quitting coal”, The Big Read, June 18), but because coal is backed by state interests that continue to protect, subsidise and promote its use.

In China, coal-heavy regions including Inner Mongolia and Xinjiang offer guaranteed annual operating hours for coal plants, securing a steady revenue stream and economic base. This policy has helped drive a surge in new coal plant permits and construction, largely pushed by state-backed coal mining interests. In India, government policy has long supported coal use through long-term power purchase agreements with fixed payments and artificially low prices for domestic coal, helping shield coal power from competition. Long-term capacity payments for new coal plants in neighbouring Pakistan and Bangladesh have driven power prices so high that broad swaths of the population are installing solar panels for some economic relief.

In the US, uneconomic dispatch — that is, using coal power when cheaper options are available — has cost ratepayers an estimated $2bn annually in higher energy costs.

The Trump administration is expanding this approach by forcing an ageing Michigan coal-fired power plant to stay online despite assessments by the grid operator, the utility and the state authorities that the plant is not needed.

In Brazil, coal powers less than 2 per cent of the country’s electricity supply, yet Brazil’s Congress, the legislative branch of the federal government, is currently debating extending $16bn worth of subsidies through to 2050 for just two coal plants, propping up their continued use.

Coal persists not because it is cheap, but because its real price is hidden — passed on from protected coal interests to the public through subsidies, higher energy bills and public debt.

Re-evaluating these long-standing coal subsidies could help the world finally quit coal.

Christine Shearer
Project Manager, Global Coal Plant Tracker, Global Energy Monitor, Covina, CA, US

Microsoft has confirmed that it will lay-off as many as 9,000 workers, in the tech giant’s latest wave of job cuts this year.

The company said several divisions would be affected without specifying which ones but reports suggest that its Xbox video gaming unit will be hit.

Microsoft has set out plans to invest heavily in artificial intelligence (AI), and is spending $80bn (£68.6bn) in huge datacenters to train AI models

A spokesperson for the firm told the BBC: “We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace.”

The cuts would equate to 4% of Microsoft’s 228,000 global workforce.

It has initiated three other rounds of redundancies so far in 2025, including in May when it said it would axe 6,000 roles.

A database maintained by the Washington state shows more than 800 of the positions eliminated will be concentrated in Redmond as well as in Bellevue, another hub that Microsoft maintains in its home state.

In recent years, along with its counterparts in Big Tech, Microsoft has pivoted its attention towards the develop of AI, including investing in datacentres and chips.

Last year, the firm hired British AI pioneer Mustafa Suleyman to lead its new Microsoft AI division.

A top Microsoft executive recently told the BBC that the next half century will “fundamentally be defined by artificial intelligence,” changing the way we work and interact with one another.

Microsoft is also a major investor and shareholder in OpenAI, the company behind the popular chatbot ChatGPT, although the relationship has reportedly grown tense in recent months.